What Makes Customer Data Platform (CDP) a Perfect Choice for Business Growth?

There is a dynamic change in how businesses are strategizing their marketing activities. Modern businesses are brewing their marketing plans based on customers’ interactions with the businesses.

This information is known as data, and the collection of data from multiple sources, managing the collected data, analyzing the data, and getting an insightful outcome has become the need of the hour. 

Here enters CDP, a.k.a. Customer Data Platform. It is a software that collects data from different customer touch points and builds a relentless, centralized, and holistic customer database. With the help of CDP, businesses can create more personalized marketing campaigns.

Salesforce CDP

Types of Customer Data

The CDP platform is an expert in collecting and organizing different kinds of customers’ data, which will prove beneficial for the businesses. 

Customers interact with businesses in different ways, such as through websites, blogs, eCommerce portals, in-store visits, etc.

While being in contact with the businesses, customers leave their traces which prove to be data for them, and this data turns into vital information that helps businesses formulate marketing strategies.

If you think your businesses are ready for CDP integration, let’s take a look at the types of consumer data that CDP can handle.

Data of Identity

One of the most important types of data that help businesses identifies each consumer uniquely and helps them prevent costly replications. Some different essential kinds of identity data include customers’ names, contact information, location, demographics, social information, and professional information, to name a few.

 

Descriptive Data

This type of data is the extension of identity data which allows businesses to have a 360-degree picture of every individual customer. Different kinds of descriptive data include the details of family size, lifestyle, employment details, etc.

 

Quantitative Data

This kind of data is special for businesses. With the help of quantitative data, a company can learn about customer engagement and other dynamics like their reactions, transactions, actions taken on a website, etc.

There are different kinds of quantitative data. First is the transaction-quantitative data. It contains details like the number and types of purchases made by customers, along with details of the times customers have initiated purchase returns, and the times they abandoned the cart, etc.

 

Qualitative Data

This is the data that helps businesses understand the personality of a customer. The following are included in the qualitative data, opinions of the customers about the brand via their reviews and ratings, their attitude towards business, their overall interaction level with the business, and more. The qualitative data of customers also tell businesses about their attitudes like their favourite colours, animals, food habits, purchase style, etc.

 

The Key Features of Customer Data Platform

The Customer Data Platform comes as a boon for businesses. The platform is equipped with plenty of excellent features that help businesses build personalized relationships with consumers.

Real-Time Behavioural Insights

Businesses can leverage real-time customer behaviour insights with the help of the CDP platform. The platform is fitted with self-learning algorithms. The algorithms can evolve the solution with the change in customer behaviour. A business can create fruitful predictive insights with the help of CDP.

360-Degree Customer View

One of the best features of CDP is its ability to bring all information related to customers to a single place. Businesses can excellently execute customer segmentation and omnichannel orchestration by leveraging the single customer view by Customer Data Platform implementation services.

Hyper-Personalization

For a business delivering personalized services to customers is evident. Interacting with customers in their preferred manner is also essential for business, and it is called personalization which a business can achieve via CDP.

Through personalization, businesses can successfully harness the power of brand loyalty, which is essential for the growth of every business.

CDP helps businesses curate personalized messages for their customers, build personalized marketing campaigns, give customers personal recommendations, etc.

Data Optimization

Not merely data optimization but also data testing is possible via customer data platform integration services. Businesses can easily test and optimize the data based on their requirements. The optimization of data leads to a higher chance of customer retention.

Privacy & Security

CDP focuses extra on the privacy and security of the customers’ data. The platform follows strict privacy measures and delivers your business a competitive edge. You can easily navigate through the websites without worrying about third-party tracking and cookies.

CDP offers robust security measures and helps you gain customers’ trust. It is also helpful in checking data quality and identity resolution and facilitates data inclusiveness (online & offline), machine learning, and cross-platform configurability.

 

The Versatility of the Customer Data Platform – What Does CDP Do?

To leverage the CDP integration and implementation services to the fullest, it is essential to understand the functionalities of the platform.

Unify Data from Anywhere

  • It builds a holistic and unified profile for every customer.
  • Businesses get details of the history of customers’ integration with the business like their order history, previously done communication, behavioural trends, etc.
  • It streamlines data centralization.
  • It gives businesses an assurance of a deep understanding of customers.

 

Build Smarter Audience Segments

  • It is helpful in building highly specific audience segmentations.
  • It will be easy for a business to get an accurate population count from the data.
  • Businesses can enjoy the 360-degree of their complete audience segment in a central and user-friendly interface.

 

Customer Engagement with More Personalization

  • Businesses can collect customer data at each stage of communication irrespective of the platform.
  • The integration of CDP is highly compliant with the GDPR and CCPA regulations. It protects customers’ privacy.
  • The implementation of the CDP platform with businesses enables personalized one-to-one communication between businesses and customers.

Track Customer Behavior

  • On the basis of customer behavior, businesses can easily optimize their audience segments and marketing campaigns.
  • Businesses can easily optimize the most valuable customer profiles. It will be easy to calculate customers’ lifetime value and engagement scores.
  • Connection with business intelligence tools like Tableau and visualize the audience data in an interactive manner.
  • The integration of the CDP platform with Einstein analytics helps you build smarter audience segments.

 

Wrapping Up

The advent of the Customer Data Platform has changed the course of marketing for businesses forever. Businesses have been introduced to a new paradigm of business marketing and its philosophy.

The CDP has emerged as an essential futuristic tool that will guarantee a business a competitive edge. You can hire a certified Salesforce consultant with illustrious experience and have CDP implemented for your business.

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